With reach US$ 11,829.01 Million, Submarine Power Cable Market shares overview with 6.4%% CAGR by 2028: Exclusive Research by The Insight Partners

Submarine Power Cable Market: Key Insights

According to our latest market study on "Submarine Power Cable Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type (Multicore and Single Core), Conductor Material (Copper and Aluminum), Voltage (High Voltage and Medium Voltage), and Application (Offshore Oil and Gas, Offshore Wind Power, and Inter-Country & Island Connection)" the market is expected to grow from US$ 7,643.46 million in 2021 to US$ 11,829.01 million by 2028. It is estimated to grow at a CAGR of 6.4% from 2021 to 2028.

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The constantly rising investments across the globe in several offshore oil and gas projects, offshore wind farms, and intercountry power transmission projects are expected to increase the demand for submarine power cables across the globe. major investments include a huge pipeline of interconnection between country and island projects over the years. Some of the major HVDC submarine power cable project pipeline includes IceLink, MSNLink, and NorthConnect, Nord. Link and NorGer, UK Western Link, IFA2, NemoLink, Euro-Asia Interconnector, Labrador-Island, Maritime Link, India-Sri Lanka Interconnection, and Sumatra-Java.

Electricity generated by offshore wind turbines is sent to land via several cable systems buried in the seabed. Thus, the rising investment by developed and developing nations in offshore wind energy plants to generate wind energy is propelling the demand for submarine power cables. Some of the major investments include:

• In 2021, the British government announced that GRI Renewables Industries and Siemens Gamesa spent more than US$ 360.70 million (260 million pounds) on offshore wind manufacturing facilities in Northeast England.
• According to WindEurope, in 2020, the European offshore wind business had drawn ~US$ 31.7 billion (26 billion euros) in investment. The investments are planned to fund a total of 7.1 gigawatts (GW) of offshore wind power over the next few years, with projects being designed and built.

Thus, these high investments from developed and developing countries are a few factors driving the submarine power cable market.

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The European region homes the longest inter-connector that is the NorNed cable between Norway and the Netherlands with 580 Km of submarine power cables. Currently, the UK has four major power interconnectors. These are bridging the power gap between the UK and France, Ireland, the Netherlands, and Northern Ireland. These lines have a total capacity of 4 gigawatts (GW) and account for around 5% of the UK's current energy-producing capacity. Aside from the foregoing, there are plans for numerous island power lines and large interconnector cables in the region. NSN Link (Norway), Nemo Link (Belgium), Viking Link (Denmark), IceLink (Iceland), and the Western Link (England) are some of the projected interconnection plans for power transmission. These factors are expected to further contribute to the growth of the European submarine power cable market.

Submarine Power Cable Market: Competitive Landscape and Key Developments

Prysmian Group, Sumitomo Corporation, Furukawa Electric Group, LS Cable & System Ltd., and ABB Ltd. Are the key players in the submarine power cable market. In addition, several other essential market players were studied and analyzed during this study to get a holistic view of the market and its ecosystem.

Players operating in the submarine power cable market are mainly focused on the development of advanced and efficient products.

• In 2022, Beach Energy Limited has awarded a contract to JDR, TFKable Group's global subsea umbilical provider and servicer (BEL). Four subsea umbilicals ranging in length from 400 to 4,360 meters, as well as termination hardware such as hydraulic and electrical flying leads, are part of the scope of work. The umbilicals will be utilized as a part of a subsea production system in the Otway Basin, off the coast of Victoria, to produce natural gas.
• In 2018, Kei Industries announced its expansion plan by expanding its direct and indirect dealers across Kerala.

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